UK stocks open 0.6% higher as May prepares to announce exit date

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UK stocks opened higher on Friday, tracking gains in other European exchanges, as investors braced for Prime Minister Theresa May to announce later in the day when she would stand down.

At 0847, the FTSE 100 was up 40.03 points, or 0.6%, at 7.271.07.

Parents and young children focused retailer Mothercare rallied 14%, despite reporting a deeper annual loss, as it beat its cost cutting targets and slashed its debt pile.

Events and business information company Informa gained 1.4% as it reported 'steady trading' in the first four months of the year that put it on track to grow revenue and profits.

Instrumentation and controls company Spectris gained 1.2% on reporting a 3% boost in like-for-like sales in the year to date, despite 'an anticipated moderation in certain end markets'.

Premium carbonated drinks firm Fevetree was broadly flat after it announced confidence in achieving results which matched expectations in 2019.

The company added that it was 'mindful of last year's exceptional summer trading performance in the UK' amid a bout of warm weather.

Security services company Westminster gained 6.8% after rising contract revenue helped it narrow its annual losses.

Oil company Aminex shed 1.9% on announcing that chief executive Jay Bhattacherjee had stood down due to health reasons.

Victoria Oil & Gas dropped 6.4% as it booked a full-year loss, after a key gas customer in Cameroon did not renew a supply agreement, reserves fell and drilling costs rose.

Industrial and property services group Hargreaves Services advanced 0.8% after it sold land at its Blindwells site to housebuilder Bellway.